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Gold; A Bullish Recovery?

ByAdmirals
Published 10/08/2013, 04:27 AM
Updated 01/31/2022, 02:45 AM

In our recent analysis, we have mentioned about our bearish bias for Gold, which fortunately coincided with the last sentiment on this instrument and illustrated a clear downward trend; starting from the peak at 1240 USD/oz. This trend may slowly be coming to an end due to yesterday's trading, which pulled the price to the green trend line and not bouncing back after the first attack. On Monday, sellers also managed to break the key resistance in the past two weeks at 1320 USD/oz., which will now support the bulls in their attacks on the trend line .
Gold
Overcoming the mentioned resistance will open the field to attack the area around 1360 USD/oz., where you can only expect more sales orders. Growth scenario is not yet fully effective. It will be, once buyers are able to defend the retracement movement that happened just now. A succesful defense can lead to a strong mid-term buy signal.

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